Bi-weekly Economic News Summary

KAZAKHSTAN - In Brief 19 Mar 2025 by Evgeny Gavrilenkov
Mar 6 President: Mr. Tokayev held a phone conversation with the Russian President, Mr. Putin, and discussed the implementation of joint trade and energy projects and economic relations in general. Mar 7 NBK: The Bank hiked the base rate from 15.25% to 16.5%. National pipeline company: Kazakh oil transportation volumes to Germany via the Druzhba oil pipeline amounted to 100K tons in February (-21% m-o-m). NBK: The Chairman of NBK, Mr. Suleimenov, does not rule out that the base rate may rise even higher in the future if inflation accelerates. Energy Ministry: The expansion of oil production at the Tengiz oil field is scheduled for 2H25. However, the final launch may be postponed due to the need to compensate for overproduction within the OPEC+ deal. Energy Ministry: Kazakhstan plans to optimize oil production in March to fulfill its obligations to OPEC+. Energy Ministry: Kazakhstan intends to compensate ahead of schedule for oil overproduction (recorded from January 2024) as part of the OPEC+ deal, and major oil producers, including foreign companies, have not opposed this option. Energy Ministry: Kazakhstan will reduce the volume of oil transportation via CPC by 70% in March due to compensation for overproduction within OPEC+ arrangements. The amount of oil production in March is expected at 1.5 mln bpd. Energy Ministry: Mr. Satkaliyev, the Energy Minister, will visit the US and meet shareholders of operators of the Kashagan and Tengiz oil fields. Mar 12 US Department of Agriculture: The Agency has maintained the forecast for Kazakh wheat exports at 10 mln tons in the current agricultural year (July 2024 - June 2025). Government: in 2M25, the Kazakh GDP grew by 5.4% y-...

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